Could the U.S. see more mergers and acquisitions in the shoe sector in the back half of 2026?
That could depend on a few factors, according to some experts.
“A lot of people think that because of the things going on right now — war, oil prices, tariffs — it’s a bad time to sell,” Mark Herbick, founder and chief executive officer of middle-market advisory firm Pursant LLC, said. “Determining the right time is more complex than that.”
PwC’s Mike Ross, the firm’s consumer markets deal leader, is bullish on footwear.
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“Footwear and related sector deal activity continues to be an investable space,” Ross said. “Private equity sponsors are driving notable transactions in the category and account for roughly one third of the activity since mid 2024, which is an increase from prior years.”
Herbick said the perfect time to sell is when three things line up: That means that the market is hospitable to getting deals done, preferably in favor of sellers; the business to be sold is in good shape and there’s growth potential, and the owner is personally ready to exit.
“When all three are in place, that’s the ideal moment,” Herbick said. But when they’re not, the deciding factor is really the readiness of the owner.
“Owners obsess over valuation and deal terms, but they underestimate the personal side of the equation,” he said, noting that many end up blindsided by the loss of purpose and don’t realize that until after the sale. That can be countered by owners giving themselves as much time to prepare for their personal shift as what they’re doing to prepare the business for a sale.
The good news is that deal value has been heading up over the last two years. Retail and fashion has seen strategic owners using M&A to reposition portfolios around modern consumer lifestyle and buying trends, he said. For financial sponsors, typically the private equity firms, Ross expects to see possibly more exit activity.
“Footwear is a mature category that sponsors view as buildable, scalable and exit-able for the right assets,” Ross concluded.
On the strategic side, Anta Sports in January scooped up a 29 percent stake in Puma in a $1.8 billion deal. The transaction, which is expected to close at year-end, makes Anta the brand’s largest owner. And in April, the nearly 100-year-old men’s and boys’ footwear firm Deer Stags joined the Jack Schwartz Shoes portfolio of brands.
Outdoors and sporting goods are seen as sectors that could see more deals ahead. The year has already seen Varsity Brands acquiring Sports Endeavors — the owner of soccer.com, World Soccer Shop and 431 Sports — and Lax.com, online lacrosse retailer.
There were also special situations where distressed shoe firms were sold due not to financial sponsors but to brand management, although the latter also buy a wide range of brands and not all are in distress.
This month, the $39 million deal for the Allbirds intellectual property assets was completed by American Exchange Group, in partnership with WSG Brands — leaving the owners of what was the struggling Allbirds shoe firm to shift gears and become AI-focused under the new name NewBird AI.
Struggling British shoe brands Russell & Bromley and LK Bennett found new owners during bankruptcy proceedings.
Russell & Bromley was acquired by Next plc, while LK Bennett was acquired by the brand management arm of Gordon Brothers.
In February, Gordon Brothers also revealed its acquisition of Cels Brands, the shoe business that includes the labels Chinese Laundry, Dirty Laundry, CL by Laundry and 42 Gold.
